[Lyerech]

Finally found a way to bypass the bow problem, it works with any melee weapon / any firearm, doesn't work with stuff you can't equip, and you need at least one arrow.

Pretty much, you hold left click, just to the point where it's about to load the arrow to shoot, make sure you DON'T let it go to the point where it shoots, when it's about there, let go of left click, and quickly spam the key used to switch to your other weapon of choice, should instantly switch within the next 2-3 seconds.

If it doesn't work, keep trying, holding the arrow for longer, I encountered this to work for me whenever I try it, may work for other people, thought it deserved a post as a lot of people are getting upset about this from constant dying.

EDIT:

Left-click and hold long enough to nock and raise your bow, then release. The animation will reverse without you shooting an arrow. You can now switch weapons immediately.

Credits for Triax, pretty much the same as my explanation, but his explanation was probably a bit more self explanatory.

[Triax]

I found that if you 'load' your arrow and release the mouse button quickly so that you put the bow down without firing a shot, you can switch immediately after.

Edit for exact instructions:
Left-click and hold long enough to nock and raise your bow, then release. The animation will reverse without you shooting an arrow. You can now switch weapons immediately.

If you shoot the arrow, you held left click too long after the nocking animation.

[kingcoolryan]

You can also swap weapons when youre holding the bow at full draw (Ready to fire the arrow) by just pressing the other slot numbers

[Kneon]

Did we ever find out from the dev's if that change was intentional or not? Because it just showed up and wasn't explained so I was never really sure if this was an accident or them trying to balance something.